Increase Your Home’s Utility and Cash Value with a Garage

August 2, 2021 4:16 pm Published by Leave your thoughts

There’s no shortage of home improvement projects that can improve your home’s resale value while ensuring you can make the most out of your space. Adding a garage is one of the most common projects that increase value and utility. But is a garage worth the cost?

Continue reading to learn what our team has to say.

Benefits of a garage

Before we dig too deep into the cost of a garage, these are a few of the perks of adding an attached or detached garage to your property:

  • Vehicle protection: The top reason to add a garage is to keep your vehicles out of the elements and avoid expensive vehicular damage. By parking in a garage, you’ll spare your car from hail dents and avoid the risk of a tree limb crashing onto your hood during a bad storm.
  • Extra storage: Does your home feel cluttered or messy because you don’t have enough storage space? A garage can solve that! Garages provide a ton of extra storage for all of your belongings. Just be sure to install shelving or cabinetry to keep everything in order.
  • Workshop area: If you’re involved in woodworking, arts and crafts or some other hobby that necessitates a little workshop, a garage is perfect for you. You or your chosen contractor can add a workbench and a built-in tool chest to provide you with everything you need to fully enjoy your hobby.
  • Increased home value: If you’re thinking about putting your house on the market, make a garage addition one of your many home investments. Today’s buyers usually expect to have a garage. Make your home more attractive to them by adding one today.

Cost vs. ROI

We’ve already mentioned that your new garage could increase your home’s value. Let’s dig into that a little bit more. Garages typically aren’t cheap to install, so is a garage worth the cost? The answer is yes! Adding a garage has a return on investment (ROI) of 65 percent. So a $50,000 garage would increase your home’s value by $30,000.

That ROI might not sound all that great, but a garage has one of the highest ROIs of any home improvement project. For example, a bathroom remodel—one of the more popular projects out there—only has an ROI of about 57 percent.

Attached or detached?

Now that you’ve decided to add a garage, it’s time to decide if you want an attached or detached one. An attached garage is typically more convenient, but it may cost more. You can build a detached garage to any size you want, often at a lower cost.

The best home remodeling contractor

To ensure you make the most out of your home investments, you need to hire a reputable contractor for the job. That’s where Canfield Construction Management comes into play. In addition to new garage construction, we provide a variety of remodeling services that’ll boost your home’s value and its utility. Contact us today to see what we can do for you.

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